Home >Companies >News >SpiceJet Q1 results: Airlines reports net loss of 600 crore, owing to COVID
SpiceJet has operated 220 flights since the lockdown began, carrying more than 1,850 tonnes of cargo, more than double of all domestic airlines combined. (Reuters)
SpiceJet has operated 220 flights since the lockdown began, carrying more than 1,850 tonnes of cargo, more than double of all domestic airlines combined. (Reuters)

SpiceJet Q1 results: Airlines reports net loss of 600 crore, owing to COVID

  • The airline's operating revenue stood at 521 crore in the first quarter of 2020-21
  • Commenting on the performance, Ajay Singh, chairman and managing director, SpiceJet said, 'Flight operations were suspended for most part of the (first) quarter'

SpiceJet, low-cost carrier, has reported a consolidated net loss of 600.5 crore for the the quarter ended June 2020 as flight operations remained suspended for most part of the quarter in the wake of coronavirus outbreak. The company had posted consolidated profit at 262.8 crore in same period last year.

The airline's operating revenue fell significantly by 82.6% to 521 crore in the first quarter of 2020-21.

"The COVID-19 pandemic (declared as such by the World Health Organisation on March 11, 2020), has contributed to a significant decline and volatility, and a significant decrease in economic activity, in global and Indian markets," said SpiceJet.

Commenting on the performance, Ajay Singh, chairman and managing director, SpiceJet said, "Flight operations were suspended for most part of the (first) quarter, and the partial resumption of flights initially and weak demand thereafter were a reminder of the significant problems that this pandemic has resulted in."

SpiceJet reported consolidated EBITDA loss at 193.2 crore for June quarter 2020

"The average domestic load factor for the quarter was 66.4% and the airline maintained its market share of above 16 percent despite the impact of COVID-19 thus demonstrating robust operating parameters," company said.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePapermint is now on Telegram. Join mint channel in your Telegram and stay updated

Close
×
My Reads Redeem a Gift Card Logout